International BusinessFinance executives say US in recession still: Survey
Finance professionals in America consider that the country is still in recession, despite the economy showing signs of stability in recent months, a latest report has found.
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According to a report by the Association for Financial Professionals (AFP), finance executives think "the US economy remains in recession, despite indications of economic growth in the third quarter".
They also said their organisations would not resume hiring or capital spending in the next six months.
The report surveyed 982 CFOs, treasurers and a broad range of companies with annual revenues over $500 million.
A whopping 69 per cent of these professionals expect the recession to continue well into 2010, while 20 per cent think the recession will end before the year ends and only 11 per cent think that the US economy is out of recession.
"As we look ahead, AFP will continue to work with policymakers to ensure that financial regulatory reform is balanced and represents the needs of financial professionals," AFP President and CEO Jim Kaitz said.